Juros Sobre o Capital Próprio: Uma análise considerando setor de atuação e fatores externos

Abstract

The work in question deals with the systematic of the interests on the own capital, aiming to analyze if this form of shareholder remuneration is associated to some sector of the economy and what possible relations with macroeconomic factors. For this purpose, the companies listed on the São Paulo Stock Exchange (Bovespa) were selected, which registering the JSCP in the period from 2000 to 2009. After this survey, it was verified the correlation of the accounting of the JSCP in relation to the Total Asset of these companies, subsequently selecting as a sample only those that evidenced JSCP values in some of these years. In this way, as methodology was used a descriptive, documentary and quantitative study. The sample studied contains 165 companies. The first question asked was related to the sector of activity, which specific branch of activity more took on this form of return to shareholders. Thereafter, the JSCP recording in relation to the macroeconomic variables IPCA, Selic Rate and TJLP during the determined period. As a result, it has been observed that the Electric Energy sector is more frequent in paying the JSCPs. In relation to the second analysis, it can be seen that there is a correlation between the macroeconomic variables and the dividend payment policy adopted by the companies. It is concluded that although the theme is synonymous with tax savings, several factors influence the decision to remunerate investors through the JSCP.